DryShips’ loan lift

Nasdaq-listed DryShips has fixed up a short-term loan worth up to $350m to help it meet bond repayment obligations.

The Greek owner said it has a “firm commitment letter” for the secured bridging loan from lead arranger ABN AMRO.

This will partially refinance a 5% convertible debt issue due on 1 December.

The loan will be backed by Ocean Rig shares owned by DryShips.

It will mature in 12 months, but the lenders can extend for another year.

CEO George Economou said: “We are delighted to receive a firm commitment from ABN AMRO, which is a testament of the company’s strong and long lasting relationship with the bank and a clear sign of the support DryShips is enjoying from the banking industry.”

He called the deal a “major milestone” towards the completion of the bond refinancing.

“We are confident that the remaining cash required to fully refinance the convertible bond will be raised prior to the bond’s maturity,” he added.